A foreclosure is a legal process when your lender attempts to recover the balance amount of the loan if you default consistently on your mortgage payments.
It allows your lender to sell your home to repay your loan.
But, it is possible for you to reinstate your property.
If you have enough money, you can salvage your mortgage by making up for all the missed payments including the interest the lender charges you.
But is always a good idea to consult Prince Georges County Foreclosure Attorney to know what your state laws stipulate.
For example if you are facing foreclosure in Maryland, the attorneys will update you on:
• which are the most common types of foreclosure procedures in Maryland
• your rights and protections
• whether you will be liable for a deficiency judgment
Here is what you must know about deficiency judgment.
If you lose your home through foreclosure, you may still owe some money after you sell the mortgage. This can happen if the selling price is less than the mortgage money you owe.
This, in legal terms, is called “deficiency”. Each of the 50 states has laws on deficiencies.
It also makes sense to fight your foreclosure in court if you feel the foreclosure entity did not follow the law.
By contesting the foreclosure you may even get the foreclosure lawsuit dismissed or sufficiently delayed.
By consulting Prince Georges County Foreclosure Attorney you will be able to understand the circumstances in which it is best to contest the foreclosure in court.
Keep in mind that there is one situation where you can postpone your foreclosure.
If you are one among the active military personnel and took out the mortgage prior to leaving on active duty, then you are safeguarded by certain special protections.
• You can postpone foreclosure by submitting a request in writing.
• If the foreclosure was completed when you were on active duty, the sale can be deemed invalid unless the court has approved it before the sale.
You can lose your mortgage or property through one of the following two types of foreclosure:
1. Judicial foreclosure that involves the court
2. Non-judicial foreclosure which allows your lender to sell the property without legal approval
Foreclosure is not a simple matter. You must hire a lawyer early in the process to ensure you have several options to tone down the impact.
In one instance, a Prince Georges County bankruptcy attorney worked out a deal with the lender that allowed the client to retain the home and fight the case in the court.
A foreclosure process is way too complex to understand even for lawyers.
The procedures can vary from state to state and even from one court to another.
By taking assistance of Prince Georges County Foreclosure Attorney, you will be able to file documents with the court and complete other formalities that are tedious and complex.
Remember, it takes a skilled foreclosure attorney to help you find the way through the rules and counsel you on foreclosure options. Moreover, the lawyer can work with your lender to prevent foreclosure.